ANNUAL REPORT 2020 FINAL 211031

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NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 (Continued)Equipment is not capitalised but written off as incurred. There may be some parish equipment included in the historiccost figures.Depreciation is calculated by the straight-line method to write off the cost/value less anticipated residual value, overthe expected useful lives of assets as follows: -Freehold buildingsLong leasehold50 years50 years1.7 Financial instrumentsThe Charity only enters into basic financial instruments transactions that result in the recognition of financial assetsand liabilities such as trade and other accounts receivable and payable and investments in stocks and shares. Themeasurement basis used for these financial instruments is detailed below.1.8 InvestmentsQuoted investments are valued at their middle market price on the balance sheet date. Investment properties, wherethey have not been valued professionally, are stated at a Trustees’ valuation. Unrealised gains/losses on investmentsare calculated as the difference between opening market value and closing market value after adjusting for additionsand disposals during the year, less investment management and administration costs. No distinction is made betweenrealised and unrealised gains in the Statement of Financial Activities.1.9 DebtorsShort term debtors are measured at transaction price, less any impairment. Loans receivable are measured initiallyat fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interestmethod, less any impairment.1.10 Cash and cash equivalentsCash is represented by cash in hand and deposits with financial institutions repayable without notice of not more than24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date ofacquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.1.11 CreditorsShort term creditors are measured at the transaction price. Other financial liabilities, including bank loans, aremeasured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using theeffective interest method.1.12 Fund accountingDesignated FundsThese are funds set aside by the Trustees out of unrestricted general funds for specific future purposes or prospects.Restricted FundsThese are funds where the income is restricted by the conditions imposed by the donors. Further details of therestricted funds are shown in note 14 to the accounts.Parochial FundsEach parish is considered by canon law to be a juridical person with corresponding rights and obligations, includingthe holding and use of funds. The use of these parochial funds is the responsibility of the parish priest, ArchdiocesanFinance Committee, College of Consultors, and the Archbishop in varying ways depending on the amount andsignificance of the funds. They therefore constitute a form of restricted fund.44
ANNUALACCOUNTSNOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)1.13 PensionsCertain staff are members of personal pension schemes to which they make contributions. The Archdiocese contributesan additional amount to the employee’s contribution but has no commitment to make good any shortfall in funding.Some staff employed in the educational work of the Archdiocese are members of the Department for Education andSkills Teachers’ Superannuation Scheme (TPA), which is a defined benefits scheme. The Department instructs theArchdiocese as to the level of employer’s contribution, which the Archdiocese is obliged to make, but the Archdiocesedoes not have any commitment to make good an actuarial deficit, nor is it entitled to benefit from surplus funding.For the purposes of complying with relevant accounting standards, the TPA is accounted for as a defined contributionscheme as the employer is not responsible for or entitled to receive benefit for any deficit or surplus of the scheme.1.14 Significant judgementsIn preparing these financial statements the Trustees have had to make estimates and assumptions that affect theamounts recognised in these financial statements. Estimates and judgements are continually evaluated and are basedon historical experience and other factors, including expectations of future events that are believed to be reasonableunder the circumstances. Key areas subject to judgement and estimation are as follows:Fixed asset depreciation. Judgement is applied when assigning anticipated average lives to the fixed assets of theCharity.2. INCOMEInvestment Income and Interest Receivable2020 2019£ £Arising on quoted investments 949,551 832,507Bank interest 2,857 17,688Other interest and investment income 28,252 113,768--------------------- ---------------------980,660 963,963========== ==========Grants receivableGovernment grantsCoronavirus Job Retention Scheme 1,181,328 -Other grants 38,486 156,864--------------------- ---------------------1,219,814 156,864========== ==========45
Page 1 and 2: ANNUALREPORT
Page 3 and 4: ANNUALREPORTRoman CatholicArchdioce
Page 5 and 6: IMPACTREPORTAbout the Archdiocese o
Page 7 and 8: IMPACTREPORTthe centuries, the Chur
Page 9 and 10: IMPACTREPORTThe Archdiocese of Sout
Page 11 and 12: IMPACTREPORTClergy Reflections on 2
Page 13 and 14: IMPACTREPORTREFLECTION ON MINISTRYT
Page 15 and 16: IMPACTREPORTCentre hosted an event
Page 17 and 18: IMPACTREPORT“A family that discov
Page 19 and 20: IMPACTREPORTNational Standards in S
Page 21 and 22: IMPACTREPORTTHE SOUTHWARK BLESSINGO
Page 23 and 24: IMPACTREPORTFundraisingThe Fundrais
Page 25 and 26: IMPACTREPORTFr JohnHowardFr Dermott
Page 27 and 28: ANNUALACCOUNTS
Page 29 and 30: ANNUALACCOUNTSReserves£80,957,042P
Page 31 and 32: ANNUALACCOUNTSCuria income and expe
Page 33 and 34: ANNUALACCOUNTSThe Archbishop also a
Page 35 and 36: ANNUALACCOUNTSFINANCIAL REVIEW OF T
Page 37 and 38: ANNUALACCOUNTSIndependent Auditors
Page 39 and 40: ANNUALACCOUNTSA further description
Page 41 and 42: ANNUALACCOUNTSNotesArchdiocesan Fun
Page 43 and 44: ANNUALACCOUNTSCash Flow StatementFO
Page 45: ANNUALACCOUNTSNOTES TO THE ACCOUNTS
Page 49 and 50: ANNUALACCOUNTSNOTES TO THE ACCOUNTS
Page 63: In loving memory21st October 1943 -

ANNUAL REPORT 2020 FINAL 211031

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